Onity (ONIT) 8-K Results of Operations and Financial Condition

	Exhibit 99.1
	Ocwen Financial Corporation®
FOR IMMEDIATE RELEASE	FOR FURTHER INFORMATION CONTACT:
	Daniel C. O’Keefe
	Vice President & Chief Accounting Officer
	T: (407) 737-5713
	E:daniel.o’keefe@ocwen.com

OCWEN FINANCIAL CORPORATION ANNOUNCES
FOURTH QUARTER AND 2007 FINANCIAL RESULTS

West Palm Beach, FL– (February 12, 2008) Ocwen Financial Corporation (“Ocwen” or the “Company”)(NYSE:OCN)today reported a pre-tax loss from continuing operations of $13.1 million for the fourth quarter of 2007 as compared to pre-tax income from continuing operations of $15.7 million for the fourth quarter of 2006.For the year ended December 31, 2007, pre-tax income from continuing operations was $58.4 million, compared to $82.2 million a year ago. Net loss for the fourth quarter of 2007 was $6.9 million or $.11 per share, compared to net income of $13.9 million or $.20 per share for the fourth quarter of 2006. Net income for the year ended December 31, 2007 was $38.6 million, or $.58 per share. For the year ended December 31, 2006, net income, which included a tax benefit of $126.4 million primarily related to the reversal of $145.2 million of deferred tax asset valuation allowances, was $206.5 million or $2.91 per share.

Loss from discontinued operations of $2.2 million for the fourth quarter and $3.2 million for the year ended December 31, 2007 includes the results of Bankhaus Oswald Kruber GmbH & Co. (“BOK”), the Company’s German banking subsidiary. Management is actively pursuing the sale of BOK.

Chairman and CEO William Erbey stated, “During the fourth quarter of 2007, we recorded $23.6 million of unrealized losses to write down residuals to estimated market values. As a result of these unrealized losses, residuals with fair value of $32.1 million at September 30, 2007 are reflected on our December 31, 2007 balance sheet at $7.4 million. These write downs were largely based on projected loss assumptions recently published by Standard & Poor’s (“S&P”). S&P is projecting cumulative losses on RMBS transactions for which Ocwen is the residual holder ranging from 13.9% to 21.3%. Our cumulative loss experience on these same RMBS pools, the majority of which were 2006 securitizations, has ranged from 0.5% to 0.7%. Discount rates ranging from 21.0% to 31.6% were utilized to value these residuals. During the fourth quarter, these residuals generated $2.5 million of cash flow.

Outside of these write downs, our fourth quarter results were characterized by strong operating income and increased interest expense related to funding requirements for servicing advances.

Our Residential Servicing segment reflects the impact of rising delinquencies and declining prepayments. Rising delinquencies affect revenue because we recognize servicing fees when payments are collected. Declining prepayment speeds result in lower custodial account balances and related float income. As a result, revenue was down compared to the fourth quarter of 2006. Operating income, however, was flat because the decrease in revenue was offset by reduced amortization of servicing rights due to lower prepayment speeds. Increased interest expense of $11.4 million associated with higher levels of servicing advances contributed to the decrease in pre-tax income for the segment. Fourth quarter 2007 revenue excludes $8.3 million of uncollected servicing fees related to delinquent borrower payments. Given that servicing fees are satisfied before any interest or principal is paid by the securitization trust on the bonds, we anticipate that we will ultimately collect these fees.

Our Ocwen Recovery Group segment demonstrated a modest improvement over the third quarter of 2007. This improvement is primarily attributable to progress toward the integration of NCI as we have begun to realize synergies from the merger that took place in June of 2007. Demand is up sharply in the unsecured collections business. By the end of the fourth quarter of 2007, we were staffed appropriately to support existing business, and we continue to increase our staffing levels to take advantage of increased demand.

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Ocwen Financial Corporation
Fourth Quarter and 2007 Results
February 12, 2008

We continue to grow the fee based businesses included in our Residential Origination Services segment. These businesses generated pre-tax income of $5.7 million and $18.6 million for the quarter and year ended December 31, 2007 compared to $4.4 million and $15.7 million for the comparable periods in 2006. Overall segment results, however, were negatively impacted by write downs of residuals in the fourth quarter of 2007.

As previously disclosed, I have, together with members of Ocwen management and funds managed by Oaktree Capital Management, L.P. and Angelo, Gordon & Co., L.P., proposed to acquire by merger, for a purchase price of $7.00 per share in cash, all of the outstanding shares of Common Stock of Ocwen. The Board of Directors of the Company has formed a Special Committee of independent directors to consider the proposal.”

If Ocwen agrees to enter into a transaction with entities affiliated with Mr. Erbey, Oaktree Capital Management, L.P. and Angelo, Gordon & Co, L.P., you are urged to read Ocwen's proxy statement and other transaction related documents filed with the Securities and Exchange Commission (“SEC”) when they become available.  You may obtain a free copy of the proxy statement (when and if available) and other documents filed by Ocwen at the SEC's web site at www.sec.gov.

Segment Results (In thousands)

	Three months						Twelve months
For the periods ended December 31,	2007			2006			2007			2006
Residential Servicing
Revenue	$	84,418		$	93,309		$	355,056		$	343,614
Operating expenses		53,341			62,024			229,261			232,492
Income from operations		31,077			31,285			125,795			111,122
Other expense, net		(20,781	)		(10,694	)		(59,838	)		(30,662	)
Income from continuing operations before taxes		10,296			20,591			65,957			80,460
Ocwen Recovery Group
Revenue		16,290			1,869			41,292			7,666
Operating expenses		18,729			1,845			47,373			8,569
Income (loss) from operations		(2,439	)		24			(6,081	)		(903	)
Other income (expense), net		(403	)		27			(1,269	)		340
Income (loss) from continuing operations before taxes		(2,842	)		51			(7,350	)		(563	)
Residential Origination Services
Revenue		18,940			16,437			72,552			70,944
Operating expenses		17,747			20,333			71,029			84,665
Income (loss) from operations		1,193			(3,896	)		1,523			(13,721	)
Other income (expense), net		(25,227	)		476			3,303			19,623
Income (loss) from continuing operations before taxes		(24,034	)		(3,420	)		4,826			5,902
Corporate Items and Other
Revenue		3,754			2,339			11,761			9,354
Operating expenses		944			5,589			12,407			18,809
Income (loss) from operations		2,810			(3,250	)		(646	)		(9,455	)
Other income (expense), net		669			1,706			(4,408	)		5,883
Income (loss) from continuing operations before taxes		3,479			(1,544	)		(5,054	)		(3,572	)
Consolidated income (loss) from continuing operations before income taxes	$	(13,101	)	$	15,678		$	58,379		$	82,227

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Ocwen Financial Corporation
Fourth Quarter and 2007 Results
February 12, 2008

Residential Servicing Statistics (Dollars in thousands)

	At or for the three months ended
	December 31, 2007			September 30, 2007			June 30, 2007			March 30, 2007			December 31, 2006
Total unpaid principal balance of loans and REO serviced (1)	$	52,747,836		$	55,662,286		$	53,122,085		$	55,179,160		$	52,159,750
Non-performing loans and REO serviced as a percent of total (2)		19.6	%		14.6	%		11.1	%		8.6	%		8.1	%
Prepayment speed (average CPR)		21	%		22	%		23	%		26	%		31	%

(1)	Excluding REO serviced pursuant to our contract with the U.S. Department of Veterans Affairs.
(2)	Loans for which borrowers are making scheduled payments under forbearance or bankruptcy plans are considered performing loans.

Ocwen Financial Corporation is a leading business process outsourcing provider to the financial services industry, specializing in loan servicing, mortgage fulfillment and receivables management services. Ocwen is headquartered in West Palm Beach, Florida with offices in Arizona, California, Florida, Georgia, Illinois and New York and global operations in Canada, Germany and India. Utilizing our global infrastructure, state of the art technology, world-class training and six sigma processes, we provide solutions that make our clients’ loans worth more. Additional information is available at www.ocwen.com.

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including, but not limited to, the securitization market and our plans to securitize loans and expectations as to the impact of rising interest rates and cost-effective resources in India. Forward-looking statements are not guarantees of future performance, and involve a number of assumptions, risks and uncertainties that could cause actual results to differ materially.

Important factors that could cause actual results to differ materially from those suggested by the forward-looking statements include, but are not limited to, the following: general economic and market conditions, prevailing interest or currency exchange rates, governmental regulations and policies, international political and economic uncertainty, availability of adequate and timely sources of liquidity, federal income tax rates, real estate market conditions and trends and the outcome of ongoing litigation as well as other risks detailed in OCN’s reports and filings with the Securities and Exchange Commission, including its periodic report on Form 10-K for the year ended December 31, 2006 and Form 10-Q for the quarters ended March 31, June 30 and September 30, 2007 and our Forms 8-K filed during 2007. The forward-looking statements speak only as of the date they are made and should not be relied upon. OCN undertakes no obligation to update or revise the forward-looking statements.

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Ocwen Financial Corporation
Fourth Quarter and 2007 Results
February 12, 2008

OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Dollars in thousands, except share data)

	Three months						Twelve months
For the periods ended December 31,	2007			2006			2007			2006
Revenue
Servicing and subservicing fees	$	95,563		$	92,196		$	379,277		$	340,584
Process management fees		24,059			18,931			87,767			78,625
Other revenues		3,780			2,827			13,617			12,369
Total revenue		123,402			113,954			480,661			431,578
Operating expenses
Compensation and benefits		32,396			21,610			106,866			89,295
Amortization of servicing rights		18,140			29,710			99,950			110,745
Servicing and origination		17,272			14,589			62,938			53,795
Technology and communications		6,356			5,738			22,514			24,723
Professional services		4,254			8,798			22,972			30,897
Occupancy and equipment		6,457			4,832			24,466			19,267
Other operating expenses		5,886			4,514			20,364			15,813
Total operating expenses		90,761			89,791			360,070			344,535
Income from operations		32,641			24,163			120,591			87,043
Other income (expense)
Interest income		5,359			11,270			29,651			47,609
Interest expense		(24,925	)		(14,675	)		(72,670	)		(53,371	)
Gain (loss) on trading securities		(24,335	)		(1,477	)		(6,663	)		2,012
Loss on loans held for resale, net		(3,300	)		(4,377	)		(8,467	)		(5,684	)
Equity in earnings of unconsolidated entities		1,304			263			4,663			637
Other, net		155			511			(8,726	)		3,981
Other income (expense), net		(45,742	)		(8,485	)		(62,212	)		(4,816	)
Income (loss) from continuing operations before income taxes		(13,101	)		15,678			58,379			82,227
Income tax expense (benefit)		(8,405	)		987			16,610			(126,377	)
Income (loss) from continuing operations		(4,696	)		14,691			41,769			208,604
Loss from discontinued operations, net of taxes		(2,229	)		(770	)		(3,172	)		(2,094	)
Net income (loss)	$	(6,925	)	$	13,921		$	38,597		$	206,510
Basic earnings per share
Income (loss) from continuing operations	$	(0.08	)	$	0.23		$	0.67		$	3.32
Loss from discontinued operations		(0.03	)		(0.01	)		(0.05	)		(0.04	)
Net income (loss)	$	(0.11	)	$	0.22		$	0.62		$	3.28
Diluted earnings per share
Income (loss) from continuing operations	$	(0.08	)	$	0.21		$	0.62		$	2.94
Loss from discontinued operations		(0.03	)		(0.01	)		(0.04	)		(0.03	)
Net income (loss)	$	(0.11	)	$	0.20		$	0.58		$	2.91
Weighted average common shares outstanding
Basic		62,527,360			62,919,083			62,712,076			62,871,613
Diluted		62,527,360			72,060,879			71,458,544			71,864,311

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Ocwen Financial Corporation
Fourth Quarter and 2007 Results
February 12, 2008

OCWEN FINANCIAL CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share data)

	December 31, 2007		December 31, 2006
Assets
Cash	$	114,243	$	236,581
Trading securities, at fair value
Investment grade		34,876		74,986
Subordinates and residuals		7,362		65,242
Investment in certificates of deposits		—		72,733
Loans held for resale, at lower of cost or market		75,240		99,064
Advances		292,887		324,137
Match funded advances		1,126,097		572,708
Mortgage servicing rights		197,295		183,743
Receivables		79,394		67,311
Deferred tax assets, net		178,178		176,135
Goodwill and intangibles		58,301		7,053
Premises and equipment, net		35,572		35,469
Investment in unconsolidated entities		76,465		46,151
Other assets		118,786		48,430
Total assets	$	2,394,696	$	2,009,743
Liabilities and Stockholders’ Equity
Liabilities
Match funded liabilities	$	1,001,403	$	510,236
Lines of credit and other secured borrowings		339,976		324,520
Servicer liabilities		204,484		383,549
Debt securities		150,279		150,329
Other liabilities		110,429		81,340
Total liabilities		1,806,571		1,449,974
Minority interest in subsidiaries		1,979		1,790
Stockholders’ Equity
Common stock, $.01 par value; 200,000,000 shares authorized; 62,527,360 and 63,184,867 shares issued and outstanding at December 31, 2007 and December 31, 2006, respectively		625		632
Additional paid-in capital		177,407		186,660
Retained earnings		406,822		369,708
Accumulated other comprehensive income, net of taxes		1,292		979
Total stockholders’ equity		586,146		557,979
Total liabilities and stockholders’ equity	$	2,394,696	$	2,009,743

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